We present high-resolution, high-sensitivity radio images of the ultra-luminous infrared galaxy (ULIRG) IRAS 23365+3604. We performed contemporaneous observations at 1.7 and 5.0 GHz, in three epochs separated by one year from each other, with the European very long baseline interferometry Network (EVN). We also present complementary Multi-Element Radio Linked Interferometry Network (MERLIN) at 1.6 and 5.0 GHz, and archival Very Large Array (VLA) data, taken at 1.4 and 4.9 GHz. We find that the emission at ~5.0 GHz remains quite compact as seen at different resolutions, whereas at ~1.7 GHz, high resolution imaging reveals some extended structure. The nuclear region has an approximate linear size of 200 pc and shows the presence of two main emission components: i) one with a composite spectrum due to ongoing non-thermal activity (probably due to recently exploded supernovae and AGN activity), ii) another one with a steep spectrum, likely dominated by an old population of radio emitters, such as supernova remnants (SNRs). Radiative losses are important, so re-acceleration or replenishment of new electrons is necessary. We estimate a magnetic field strength of 18 \mu G at galactic, and 175 \mu G at nuclear scales, which are typical for galaxies in advanced mergers.
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